FxNews.me — Technical Analysis

[FxNews]

ETH Bull Run: Eyes on $2,720 After Fibonacci Bounce​

FxNews—The Ethereum price tested and bounced from $2,550 and resumed the uptrend, trading bullish above the 61.8% Fibonacci retracement level. The recent dip was anticipated because the Stochastic and RSI 14 were in the overbought territory, and the 4-hour chart formed bearish candlestick patterns.

The Awesome Oscillator's recent bar turned green, indicating the current bullish wave should resume. In this scenario, the next bullish target will likely be $2,720. Please note that the bullish outlook will be invalidated if the price dips below the $2,550 support.​

 

[FxNews]

Litecoin Dips Below $71 Amid Market Warnings​

FxNews—Litecoin dipped below the $71.0 critical resistance amid the Awesome Oscillator histogram declining toward the signal line. The market is in an overbought state as RSI 14 is approaching the 70 level.

FxNews analysts advise that retail traders and investors wait patiently for the price to consolidate near the 50% Fibonacci retracement level at $67.5, a supply zone offering a decent opportunity to join the bull market.

The bullish outlook would be invalidated if Litecoin bears push the price below the $67.5 support.​

 

[FxNews]

Article ⇒ USDHKD Surges as John Lee Policies Boost Key Sectors

FxNews—Hong Kong’s stock market experienced a significant uplift, rising 227 points, or 1.1%, to 20,509 on Thursday morning. This increase marks a notable recovery after a period of decline over the past three sessions.

The positive momentum from Wall Street, particularly within the technology sector, contributed to this rise. Decreasing U.S. Treasury yields and ongoing corporate earnings reports also played a crucial role.​

 

[FxNews]

Crude Oil Consolidates After the Sharp Drop​

Fxnews—Crude Oil began a consolidation phase in a narrow range area between $69.7 support and $71.8 resistance. A new bearish wave will likely be formed if the price falls below $69.7. In this scenario, the next bearish target could be the October 1 low at $67.5.

Please note that the trend outlook remains bearish as long as the price is below the $73.3 critical resistance.​

 

[FxNews]

Article ⇒ Safe Haven Silver Surges After Sinwar’s Elimination

FxNews—Silver prices surged past $32 per ounce, nearing a high not seen in two weeks. This increase aligns with gold’s gains, driven by the upcoming US election uncertainties and growing tensions in the Middle East, which have boosted the attraction of Silver and gold as safer investments.​

 

[FxNews]

GBP/USD Consolidates Amid U.K.'s Retail Sales Surge​

FxNews—The U.K.'s retail sales unexpectedly rose 0.3%, which eased the GBP/USD's downtrend around the 1.30 resistance. As of this writing, the currency pair tests the 50-period simple moving average in conjunction with the descending trendline.
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Forecast​

From a technical perspective, the primary trend remains bearish as long as the pair trades below the critical resistance of 1.325, backed by the 100-SMA. If bulls pull the price above the 50-SMA, a new consolidation phase could emerge, targeting the $1.314 resistance level, which offers a decent bid to join the bear market.

Conversely, a failure to surpass the 50-SMA will likely result in a new bearish wave that could push the price down to the next resistance level, 1.295.​

 

[FxNews]

Crude Oil Dips Below $69.7, Eyes Next Target at $67.5​

FxNews—Crude Oil bears broke the $69.7 critical resistance in the current trading session. This development in the price chart will likely result in the Oil price dipping further. In this scenario, the next bearish target will likely be the $67.5 resistance level.

Please note that the immediate resistance rests at $71.8, which is backed by the 100-period simple moving average. The bearish outlook should be invalidated if the price exceeds the $71.8 mark.​

Next reads:

• NATGAS Downtrend Resumed as Winter Forecast Dims
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[FxNews]

Article ⇒ Harmonic Patterns: Key Signal for Market Reversals

FxNews—To forecast the Forex market efficiently, traders must familiarize themselves with the Harmonic Patterns, a strategy based on the specific geometric structure of price action and Fibonacci numbers. The reason for utilizing harmonic patterns in technical analysis is to spot possible reversal points in the market.​

 

[FxNews]

BTC Tests Bollinger Median Amid MACD Divergence​

FxNews—Bitcoin's price pulled back from $69,500, testing the median line of the Bollinger Bands. The MACD indicator signals divergence, meaning the current consolidation phase could extend to the lower support levels, starting with filling the FVG (Fair Value Gap) at $67,500 and followed by $66,680.

These two support levels are backed by the Ichimoku Cloud, making them decent zones for betting on the bullish trend. Retail traders and investors should monitor the support mentioned above levels for bullish signals, such as hammer or bullish engulfing candlestick patterns.

Please note that it is not advisable to join a bull market while it is saturated. It carries a greater risk than buying a trading security at a dip.

Also read:​

• GBP/USD Bears Target Fair Value Gap as FTSE 100 Rises​
• EUR/USD Bear Market Prevails in Respond to ECB Rate Cut​

 

[FxNews]

Ethereum Tests Key Fibonacci Level at $2,665​

FxNews—The 4-hour Ethereum chart formed a Bat harmonic pattern, backed by MACD's divergence signal, which resulted in the price dipping from $2,770. As of this writing, ETH/USD is testing the 23.6% Fibonacci retracement level at $2,665.

From a technical perspective, the consolidation phase will likely extend to the 38.2% Fibonacci level at $2,600 if ETH/USD stabilizes below the 23.6% level. Notably, the Ichimoku Cloud supports the 38.2% Fibonacci level, a significant supply zone for entering the bull market.

Therefore, traders should closely monitor the $2,600 mark for bullish candlestick patterns.

Good reads:​

• USDJPY Nears 150.7 as BoJ Eyes Yen Stability​
• NZDUSD Poised to Break $0.604 Amid NZX50 Gains​